Venture capitalists continue to throw money at home cooking delivery services
Chef'd is the latest meal kit startup to rake in millions in private equity funding. Private equity news site FinSMEs reports that the El Segundo, CA-based company has raised $12.27 million in venture capital funding.
A regulatory form filed with the SEC confirms the report, though it doesn't mention specifically who the backers are.
Chef'd first entered the meal kit scene in 2015, when it aimed to capitalize on the nation's love of celebrity chefs with recipes from notables like Man vs. Food's Adam Richman and Top Chef alum Angelo Sosa.
Earlier this month, the startup announced it would be partnering with The New York Times to offer recipe kit packages. Though the partnership, users will be able to order meal kits a la carte or via a subscription service. Orders will be delivered within 48 hours and come with all of the pre-portioned ingredients necessary to make each meal. Chef'd and the Times will reportedly split the revenue from the venture.
While the category is led by Blue Apron, there are currently more than 150 brands aiming to bridge the gap between takeout and from-scratch home cooking. A recent report by market research firm Packaged Facts estimates that the U.S. meal kit delivery services market will generate "approximately $1.5 billion in sales in 2016 and will grow to a multi-billion dollar market over the next five years."
According to the report, meal kit delivery service startups have collectively raised more than $650 million in venture capital, though it doesn't appear that the industry is actually profitable just yet. Meal kits are still seeing heavy investor interest though, with the Packaged Facts study predicting that the industry will continue to see healthy growth over the next five years, with some companies going public and others falling by the wayside.
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